| A | B |
|---|
| oligopoly | a market structure in which a few large sellers control most of the production of a good or service |
| interdependent pricing | control over pricing |
| price leadership | taking lead & setting price for product |
| price war | sellers undercut each other's prices in attempt to gain market share |
| collusion | sellers secretly set production levels or prices for product |
| cartel | companies openly organize a system of price setting & market sharing |
| natural monopolies | a single large seller that produces a good or service most efficiently |
| economies of scale | seller's large size allows it to use its human, capital and other resources more efficiently & economically than smaller producers |
| geographic monopolies | a market whose geographic area is so limited that a single seller can control an item's manufacture, sale, distribution, or price |
| technological monopolies | a market that is dominated by a single producer because new technology it has developed |
| patent | a govt. document granting an inventor the right to produce, use, or sell an invention exclusively for a limited time |
| government monopoly | a market in which a government is the sole producer or seller of a product |
